General
Suez Canal blockage sets shipping rates surging as oil and gas tankers diverted
Shipping rates for oil product tankers have nearly doubled this week as several vessels were diverted away from the Suez Canal — a vital waterway currently blocked by a skyscraper-sized ship.
Key points:
- Re-routing ships around the Cape of Good Hope could add two weeks to the voyage
- It could also add more than 800 tonnes of fuel consumption
- The impact on energy markets is likely to be mitigated by low demand for crude oil and LNG
The 400-metre container ship Ever Given remains wedged in the canal since Tuesday (local time) and efforts are underway to free the vessel which may take weeks due to bad weather.
Shoei Kisen, the ship’s Japanese owner, denied a news report that it aimed to dislodge it by Saturday night, saying refloating efforts…
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